Pakistan Secures Final IMF Approval For $700 Million Loan Ahead Of Polls

Pakistan won final approval for the disbursement of about $700 million in aid from the International Monetary Fund, providing a boost to the embattled South Asian economy ahead of elections next month.

The IMF's executive board approved the loan, the Washington-based lender said in a statement on Thursday. The nation's dollar bonds were among the biggest gainers in emerging markets for the day, with 2026 notes jumping 3.1 cents to about 70 cents on the dollar.

Pakistan's performance under the program "has supported significant progress in stabilizing the economy," Antoinette Sayeh, IMF deputy managing director, said in a statement posted on the website. "There are now tentative signs of activity picking-up and external pressures easing."